On JP Morgan selling its soul to the Fed, now job hunting for ex-Bear Stearns

Hobbes, a funny story came out of the transmogrifier. After JPMorgan bought for a pittance ill-fated Bear Stearns thanks to the Fed’s support, now London’s Financial Times reports that JP’s chairman and chief executive, Jamie Dimon,

has personally written to more than 30 clients, rivals and vendors to ask them to consider former Bear staff.

This must be his personal Nightmare in Wall Street, and the bank had to sell his soul to Feddy Krugger. From high flying investment banker to head hunter for the street! See, this is what happens when you make deals with the money printer, he can write the covenants he likes in the contract.

And this time around, is JP Morgan who’s forced to grab the falling knife. Just when the finance industry is at its lowest he has to find jobs for more than 5,000 people who are being sacked after its takeover of Bear Stearns.

I doubt that the bank has turned his greed into constructive Japanese-style labour customs, and all of a sudden found a dusty and charitable soul in security box #666.

The bank has only taken on about 6,000 of Bear’s 14,000 employees so far, while 1,000 have left of their own wish. From the ones left, they expect to find jobs for 2,500.

That must be a tough job, since this are the same guys who took down Bear Stearns single-handedly put the smallest of Wall Street’s big five investment banks belly up. Ahem, don’t make me wrong, but these are not the 5,000 smartest guys in the Street, are they?

You have got a tough job at hand, Jamie, a remarkable tough job.

From my side, no empathy whatsoever for anybody in the story, he who plays hard, falls hard. I wonder why GM, Delphi, AA, Northern Rock and the like don’t react the same way when making employees redundant.



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